The current year budget and government’s initiative to push the concept of ‘Smart City’ have together offered great news for the property investors especially the first time buyers, who intend to buy home for less than 50 lakhs. It is certainly difficult to find a home in metros within this budget but the Tier 2 towns offer opportunities and hence this short write up has picked eight such places. These destinations are not only benefiting the buyers but also can be considered as great investments, recognizing the potential price appreciation over the years.
1. Bhubaneswar and Cuttack: Fast Growing Twin Cities
Undoubtedly,these twin cities are emerging as IT educational hubs in the east. Since the places have more lands owned by the government, the real estate market is well staged and properly regulated. With the presence of Infocity-1 and KIIT deemed university the areas in north and southwest of Bhubaneswar are growing very fast.
- Growth Drivers: Great commercial projects in DLF Cybercity, six-lane in the NH5,Industrial project at Kalinga Nagar and Paradip SEZ projects will surely influence the real estate prices.
2. Visakhapatnam: A Largest City in Andhra Pradesh
Visakhapatnam also called as Vizag, is developing as a big commercial hub of AP besides being proud of having one of the largest harbors in India. The city is considered to be the largest in the city considering its area and population. The bifurcation of AP has given a new thrust to this commercial city, as the city has already been attracting several real estate investors in the past. Residential places like Seethamadhara, Madhurawada, MVP Colony, Packer Layout, Lawson Colony and Rishikonda are poised to have better capital appreciation in near future
- Growth Propellers: The proposed Visakhapatnam-Chennai Industrial Corridor, Metro rail at Vizag, growth of IT companies around the city will surely create employment opportunities which are bound to increase the demand for residential properties.
3. Chennai (South West): Known for its largest nodal centers
Being a gateway to South India, Chennai is known for its customer-driven market and is less prone to speculation. Nodal areas like Sholinganallur, Siruseri along with the famous GST road have formed as a fulcrum for many multinational IT companies as well as other automobile firms. Outer ring road has already emerged as the best-growing investment market.
- Growth Simulators: Outer Ring Road II, Chennai Metro, proposed monorail, MRTS are the right factors for the investors to consider in these ever growing Chennai’s outskirts.
4. Coimbatore: The ‘Manchester of South India’
Being the second largest city in Tamil Nadu, the Coimbatore city has diversified its activities besides textile and spinning industries. Sectors related to automobile parts, general engineering and IT have grown phenomenally in this great city. Places like Saravanmpatti, Race Course Avinashi Road, Trichy Road, and Vadavalli are poised to emerge with a goo capital appreciation in the next few years.
- Growth Potentials: Fly over the project at Gandhipuram, growing residential projects at Ring Road, Developing Western and Eastern Bypass, proposed Bus Rapid Transit System are the real eye-catchers for the property investors.
5. Kochi: Best Commercial Hub in Kerala
Being the largest commercial hub of Kerala, the city of Kochi takes pride in the privatization of the International airport as well as for its up gradation of the sea port, which have enhanced the prospects of the real estate market in the recent times. Though the city is known for its NRI driven market, the housing demands have reached a new level in the recent times due to the emergence of IT park an Electronic Park in Amballur village. Investing in low-valued properties in places like Kakkanad, and Aluva,seems to be worthwhile for the first time buyers.
- Growth Accelerators: Projects such as Vallapaam Transhipment Terminal,Kochi Metro,Industrial corridors between Kochi and Coimbatore are sure to double the job opportunities and exports in the coming years.
6. Pune: City with natural beauty
Being located near the India’s financial capital Mumbai, Pune city has always been busy in areas like education, engineering, automobile and IT which have propelled the real estate activity and the place has become the most sought-after location for all types of investors. The real estate market has steadily grown in this quite city. Areas in the western Pune such as Dhanori, Kharvadi and few more seem to be the best bet for the investors.
- Growth Engines: Metro rail and Bus rapid Transit system, International airport and the ever busy Pune –Mumbai express highway are the main factors that can make this city in the higher pedestal for investing on properties.
7. Ahmedabad: Gujarat’s largest commercial hub
When it comes to employment landscape, Ahmadabad stands tall than many other cities especially in the areas such as textile, engineering, chemical and automobile industries. Being a city with end-user driven real estate market, experts predict there will be a significant price appreciation in the outskirts of this wonderful city. One can see good opportunities in east and north sides of the city.
- Growth activators: Proposed GIFT city, Sardar Patel Outer Ring road, Metro rail project are some the key factors that make perfect enlightenment for the investors.
8.Indore: Proud city to have both IIM an IIT
Being an educational hub in the center of India, Indore has a very strong pharma industry along with the auto industry. These two factors influence the city in the real estate market. Prices in the developing areas will be driven by the investors due to oversupply. Lands are abundantly available in Super Corridor due to the emergence of near IT parks.
- Growth Movers: The BRTS project, upcoming super corridors where IT giants are setting up their offices a few more industrial projects are sure to witness a huge scale residential developments.
In an Indian scenario, the real estate business is quite complex in nature but considered to be very dynamic. Though the industry has undergone some sluggish period, there is no evidence that proves the property prices have fallen drastically in the metro cities. Though some of the ‘Smart Cities’ are not among the familiar residential markets today, they are poised to grow significantly over a short period of time. Investing in the above mentioned ‘Smart Cities’ looks to be wise any further delay can be proved as a loss of opportunity.